Becoming skilled at spotting BRRRR deals

[Noah McPherson]

Hey BP,

I hear a lot of good investors talk about analyzing deals everyday because it'll help them be prepared to spot good deals and jump on them when they see them. My question is how can I habitually practice running numbers on BRRRRs? How do people make offers on BRRRRs fast and accurately? Is it possible to run deals quickly from home? Thank you!

[Wes Evans]

@Noah McPherson start by learning all of the numbers needed to run a BRRRR CALCULATION (rehab cost, tax's and insurance, closing cost, holding cost, rent)

While you can’t 100% accurately predict rehab you can learn local pricing for each line item and create a general guideline of rehab work. I recommend J Scott’s book on estimating rehab cost to give you a basic understanding.

PropStream and Rentometer are 2 great tools for looking up properties and running comps, learning a ton about properties in general, and seeing average rents for the area. While PropStream is $100 per month and Rentometer is $40 per year, if you are serious these are small investments to move forward and have access to powerful tools.